Exhibit 99.1

                         ANNUAL SERVICER'S CERTIFICATE

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                      DILLARD CREDIT CARD MASTER TRUST I
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     The undersigned, a duly authorized representative of DILLARD NATIONAL
BANK, a national banking association organized and existing under the laws of
the United States ("DNB"), as Servicer pursuant to the Amended and Restated
Pooling and Servicing Agreement dated as of June 28, 2000 (the "Pooling and
Servicing Agreement") by and among Dillard Asset Funding Company, DNB and
JPMorgan Chase Bank, as trustee (the "Trustee") does hereby certify that:

         1. DNB is the Servicer under the Pooling and Servicing Agreement.

         2. The undersigned is duly authorized pursuant to the Pooling and
         Servicing Agreement to execute and deliver this Certificate to the
         Trustee.

         3. This Certificate is delivered pursuant to Section 3.5 of the
         Pooling and Servicing Agreement.

         4. A review of the activities of the Servicer during the twelve-month
         period ended December 31, 2003 was conducted under the supervision of
         the undersigned.

         5. Based on such review, the Servicer has, to the best of the
         knowledge of the undersigned, fully performed all its obligations
         under the Pooling and Servicing Agreement throughout such period and
         no default in the performance of such obligations has occurred or is
         continuing except as set forth in paragraph 6 below.

         6. The following is a description of each default in the performance
         of the Servicer's obligations under the provisions of the Pooling and
         Servicing Agreement, including any Supplement, known to the
         undersigned to have been made during such period which sets forth in
         detail (i) the nature of each such default, (ii) the action taken by
         the Servicer, if any, to remedy each such default and (iii) the
         current status of each such default:

         None

         IN WITNESS WHEREOF, the undersigned has duly executed this
         certificate this 26th day of March 2004.

                            DILLARD NATIONAL BANK,
                            as Servicer,


                            By:  /s/ Charles O. Unfried
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                                Name:  Charles O. Unfried
                                Title: CEO